Is it time to update your kitchen? You may be getting tired of looking at the same outdated cabinets and countertops, but you also know that new ones can get pricey. Don’t worry, we’ve got tips for budgeting for your dream kitchen remodel!
Set a Remodel Budget
It seems like common sense, but there’s a lot to think about when it comes to setting a budget for your renovation project. So, think about these questions when setting your budget:
- How long do you plan on staying in your home?
- Is your neighborhood more upscale, or older?
- Will you be doing the work yourself or hiring a contractor?
- What are the most important priorities for your project?
All of the above questions should help determine how much to spend on your project, and help you avoid over-improving.
Break Down Costs
There are quite a few things that will take up large chunks of your budget, like cabinets, appliances and labor. Other small elements like light fixtures and decorative elements can also start to add up if you’re not careful.
Breaking down the costs is where your priority wishlist comes in. Setting your priorities helps when it comes to compromising on other elements. If you’re set on certain cabinets, countertops, or brand new appliances then put those at the top of your list and work your budget around those expenses.
You will also want to set aside a good chunk of your budget for unexpected expenses and costs for eating out during the renovation process. It’s recommended to save about 20% for these, but it can sometimes end up being more or less.
Look at Financing Options
Asking yourself how you’re going to pay for this project? That’s normal. Not everyone can afford to hand over that much money for a renovation all at once. Some popular options for paying for your project include home equity loans, refinancing, or taking out a loan.
Another great option for your renovation is financing, and we are proud to offer options through Renovate America. With two different financing solutions, Renovate America could be a great option for your project. Get the dream kitchen you’ve always wanted at an affordable rate.
Start Your Dream Kitchen Remodel
Once you’ve decided to move forward with your project, it’s time for the fun part! Talk with your contractor or begin planning your remodel within that budget you set earlier. Remember that budget throughout the entire process, so that you’re not tempted to spend more than you can afford.
Budgeting for your dream kitchen remodel can be a long and stressful process, but having a better understanding before diving in can help a lot! If you’re ready to start your project or need some advice, talk to a trusted contractor.